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◆ UK sovereign reopens 30 year Gilt, adds £4.25bn ◆ With higher yields comes higher demand ◆ ‘Quality of offshore demand’ not to be underestimated
◆ ADB brings ‘impressive’ seven year ◆ NWB hits five year sweet spot ◆ Both deals tighten a large 3bp
◆ Sovereign brings fourth syndication of year ◆ Smaller book than earlier deals this year ◆ Capped deal size helps
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Unédic, the French unemployment insurance agency, is facing an unprecedented strain on its services thanks to the coronavirus pandemic and its funding need has more than tripled as a result. CFO Jun Dumolard told GlobalCapital how the institution has been managing. -
Belgium is set to issue its first dollar bond since 2017 as euro funders continue to take advantage of the attractive funding conditions in the currency, with three other public sector borrowers also in the market for dollars.
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The Kingdom of Norway is set to sell its first ever syndicated tap. The sovereign hit screens on Monday with initial price thoughts for the reopening of a 10 year Norwegian krone bond.
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JP Morgan, the leading SSA bookrunner over the last five years, is clinging onto pole position for 2020, despite a mighty effort from Citi, which has topped the rankings since the Covid-19 pandemic began disrupting markets in earnest. But it is a far different picture in SSA MTNs with Scandinavians surging to the top, thanks to a growth in niche currency supply.
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France has outlined plans to issue a new 20 year syndicated bond, confirming market speculation that the sovereign was looking to join its eurozone sovereign peers in tapping the capital markets to finance its revised funding programme for 2020 in response to the coronavirus pandemic.
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The pain that negative rates in dollars could cause money market funds hangs like an albatross around the US Federal Reserve’s neck. Talk of them has picked up over the last week as US Federal Funds Futures prices started to imply they were on their way, while president Donald Trump pushed the topic on Twitter, even though and Fed chair Jerome Powell appeared to rule them out.
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